SDV Insights

Cyber Risk Insights

The Sixth Circuit Weighs in on "Direct Loss" Issue for Cyber Fraud Coverage

Earlier this month, SDV reported on a recent Second Circuit case where the court broadly interpreted the "direct loss" requirement to find coverage for a cyber fraud, email spoofing scam. Now, the Sixth Circuit Court of Appeals has issued a similar opinion in American Tooling Center, Inc. v. Travelers Casualty & Surety Company, finding coverage for a company that lost $834,000 to a similar scam. These recent decisions may indicate a trend in favor of policyholders on the "direct loss" issue.

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Second Circuit Finds Coverage in Cyber Fraud Case

On Friday, July 6, 2018, the United States Court of Appeals for the Second Circuit held that a fraudulent email that caused a company to transfer $4.8 Million to the fraudster was a "direct loss" and was, therefore, covered by the company's computer fraud insurance.

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Medidata Win Fortifies Policyholders In Digital Fraud Fights

In a pro-policyholder decision, LAW360.com reported that a New York federal judge recently ruled that a thief's use of emails to trick employees of Medidata into wiring money overseas was a covered incident under the company's computer fraud policy, weakening insurers' arguments that such coverage is meant to apply only to hacking into policyholders' computers.

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Deleted Emails Cost Company $3M in Sanctions

What happens when a senior vice president ignores a litigation hold and deletes tens of thousands of emails? A $3 million sanction.

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Special Discount for ABA Webinar on Cyber Risk

On November 15, 2016, 1:00 - 2:30 PM ET, SDV Southeast Managing Partner Gregory Podolak will be participating in the American Bar Association webinar, "Assessing the Situation: How to Identify and Evaluate a Contractor's Cyber and Data Risks."

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Cyber Insurance Tax Break

In an effort to encourage businesses to mitigate the risk of a data breach, House Republican Ed Perlmutter has introduced a bill offering a tax credit to businesses that purchase qualifying cyber insurance policies

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One-Stop Shop Cyberinsurance Opens Doors For Small Companies

If you are a small company worried about keeping your client data safe, there are now a number of options to help. SDV's Gregory Podolak was recently interviewed by LAW360.com on his thoughts.

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Georgia Federal Court Rules Commercial Crime Policy Covers Fraudulent Wire Transfer

With cyber fraud becoming more prevalent in today's business world, policyholders should be aware of some of the points raised by commercial crime insurers to deny coverage.

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US-EU Privacy Shield Program Open for Sign-Ups

For several months we have been closely following the negotiations leading up to the adoption of the US-EU Privacy Shield.

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Twist Ending: Cyber Insurance Policy Doesn't Cover Cyber Risk for Hospitality Industry Policyholder

There may be a very good chance your cyber insurance policy doesn't cover what you think it covers.

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